Time is your friend; impulse is your enemy.

In Las Vegas we all know that it's the croupiers who win. At the race track, it's those who control the handle who win. State lotteries, does anybody think the participants in the lottery win? No. The state wins.

The historical data support one conclusion with unusual force: To invest with success, you must be a long-term investor.

Time is your friend; impulse is your enemy.

If your fund doesn't last for the long term, how can you invest for the long term?

Rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries: common sense, thrift, realistic expectations, patience, and perseverance.

On balance, the financial system subracts value from society